Reliance Infratel to offload 5 per cent stake, looks to raise $500 million

Reliance Infratel, the tower subsidiary of Reliance Communications (RCOM), is planning to offload 5 per cent equity stake.

The company is learnt to be in discussions with seven global strategic investors and is expecting as much as $500 million through the sale. US-based American Tower International and Crown Castle International have reportedly emerged as the frontrunners for picking up stake.

Reliance Infratel plans to use the proceeds to fund growth initiatives including setting up new towers. The company currently has 46,000 operational towers.